BASF Commences $37 Per Share Cash Tender Offer for Engelhard

PRNewswire-FirstCall is reporting that BASF Aktiengesellschaft, the world's leading chemical company, today announced that it is commencing a cash tender offer for all of the outstanding shares of common stock of Engelhard Corporation for $37 net per share.

PRNewswire-FirstCall is reporting that BASF Aktiengesellschaft, the world's leading chemical company, today announced that it is commencing a cash tender offer for all of the outstanding shares of common stock of Engelhard Corporation for $37 net per share.

BASF's price represents a 23% premium above the December 20, 2005 closing price of Engelhard's stock of $30 (the last trading day before BASF submitted its first proposal to Engelhard in writing), a 30% premium over Engelhard's 90-day average share price of $28.42 as of December 20, 2005 and a 23% premium above the December 30, 2005 closing price of Engelhard's stock of $30.15 (the last trading day before BASF announced its intention to commence a tender offer).

The proposed transaction has a total equity value of approximately US$4.9 billion.
 

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